Acquisition of Vodafone Italia
The EU Commission has cleared the acquisition of Vodafone Italia under the Foreign Subsidies Regulation. The approval is another important step on the way to securing the regulatory approvals needed to finalise the transaction.
Following the announcement of the acquisition of Vodafone Italia on 15 March 2024, Swisscom notified the transaction to the EU Commission, Directorate-General for Competition, under the Foreign Subsidies Regulation on 19 August 2024. On 23 September 2024, the EU Commission confirmed that the waiting period has elapsed, thus clearing the transaction unconditionally.
Overall, completion of the Vodafone Italia transaction is on track. Swisscom secured the financing for the purchase price of EUR 8 billion in May 2024 and has received unconditional approval from both the Presidency of the Council of Ministers in Italy (Golden Power legislation) and the Swiss Competition Commission.
The transaction is still subject to other regulatory approvals, including that of the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato). The latter announced on 11 September 2024 that it had opened an in-depth investigation (Phase II) to assess the acquisition under Italy’s merger control rules.
In line with the announcement dated 15 March 2024, Swisscom expects the transaction to complete in the first quarter of 2025.